Circle CEO Jeremy Allaire has said he believes “core” cryptocurrency assets are undervalued as the Bitcoin price tumbles closer to $3500.

Allaire: ‘Markets Are Oversold’

In a Reddit ‘Ask Me Anything’ session January 10, Allaire, whose company famously decoupled itself from Bitcoin in 2016, also forecast less correlated trading in altcoin markets.

“My general perception is that the markets have been oversold and that some core assets have decoupled from their usage, which suggests they are undervalued,” he wrote.

…We also believe that many assets have traded in a tight correlation to BTC, which is irrational. As the markets mature, we expect less correlated trading as investors better understand the value, utility and adoption of specific crypto assets and networks.

Bitcoin price 00 had taken two knocks downward Thursday, falling from $4050 to current levels under $3700.

2019: Highs Or Lows For Bitcoin Price?

Opinions on the future for the largest cryptocurrency are mixed, with some well-known figures predicting lower lows in 2019 and others conversely anticipating new all-time highs.

This week, Civic CEO Vinny Lingham joined the first camp, telling Cheddar that BTC/USD was in for “one or two months” of sideways trading before making either an upwards or downwards move. The former, he warned, could see the pair drop below $3000.